The money — to be paid to a private Irish landlord — smashes the previous record set last year when Middle Eastern retailer The Toy Store agreed to pay more than £925 per sq ft at the West One shopping centre in Oxford Street.

Jace Tyrrell, deputy chief executive of business improvement district New West End Company, said: “Rents reaching the £1000 per square foot mark is a reflection of the huge demand and competition for a good spot in Oxford Street.”

He added: “This pricing will only increase competition further and may see some companies priced off the street as a result.”